Michael Vick files for bankruptcy

Michael D. Vick, the suspended NFL quarterback imprisoned after pleading guilty last year to federal charges related to dogfighting, filed Monday for bankruptcy-court protection from creditors, including the Atlanta Falcons.

In the Chapter 11 filing, Vick said he his liabilities were in the range of $10 million to $50 million, and that his assets were somewhere between $10 million and $50 million.

Chapter 11 enables a business or an individual with significant assets to restructure their debts under court supervision.

Vick’s 20 largest unsecured creditors have claims amounting to $12.75 million, according to the filing in the U.S. Bankruptcy Court for the Eastern District of Virginia.These include a disputed $3.75 million claim by the Atlanta Falcons for a pro-rated signing bonus. The list of unsecured creditors also includes claims from Royal Bank of Canada for $2.5 million and Wachovia Bank for $950,000 for bank loans.

Included in the bankruptcy filings is a motion for financial consultant David Talbot to be appointed as the “designated responsible person and manager” for Vick. In an affidavit, Talbot said he has advised several professional athletes, entertainers and business executives, and he has represented Vick for several months.

“I have also consulted extensively with the Debtor about a prospective bankruptcy filing and the need to protect available assets and thereby resolve legitimate claims in an equitable fashion,” Talbot wrote.

Talbot added that he has “earned the trust of Michael’s entire family,” and that Vick is “learning the importance of obedience to scriptural precepts.”

Talbot wrote that he is arranging fellowship for Vick with several high profile people, including former NFL star Deion Sanders, Indianapolis head coach Tony Dungy and Pastor Kevin Jonas, the father and manager of the popular Disney boy band the Jonas Brothers.

Talbot, who has offices in Hackensack, N.J., and Miami, said the only payment he has received from Vick for his services in the past year is a Mercedes Benz “physically transferred to me by the Debtor.”

He also received $35,000 from Vick’s qualified defined benefit plan to be used for the living expenses of Vick’s dependents, including his mother and girlfriend, and some of Talbot’s expenses, he wrote.